EQS Newswire: DLK Advisory Limited: Cornerstone Technologies 's JV Spark EV Join Hands with China Southern Power Grid to Open Up New Chapter for Electric Vehicles Charging in Southeast Asia

EQS Newswire / 31/03/2026 / 23:36 UTC+8

Cornerstone Technologies 's JV Spark EV

Join Hands with China Southern Power Grid to

Open Up New Chapter for Electric Vehicles Charging in Southeast Asia

Since late February 2026, escalating geopolitical tensions in the Middle East have disrupted logistics services through the Strait of Hormuz, severely impacting the global crude oil supply chain, with international oil prices remained volatile at relatively high levels. On March 9, WTI crude briefly touched USD119.48 per barrel, while Brent approached USD120 per barrel-marking the highest levels in nearly four years. Thailand's retail fuel prices also saw a 20% increase last week. Rising fuel costs not only directly increase the usage cost for traditional ICE vehicles, but also accelerate the global transition toward electric vehicles. According to data from Mordor Intelligence, the ASEAN electric vehicle market is projected to reach USD5.99 billion in 2026, surpassing USD 23.5 billion by 2031 with a compound annual growth rate (CAGR) exceeding 30%. Thailand, leveraging its robust manufacturing clusters and government incentive policies, saw domestic EV sales grow by 40% in 2025, capturing a remarkable 39% market share within the regional market. The upward momentum also continued in 2026, with EV sales reaching 38,000 units in the first two months alone. At this pace, annual sales could exceed 200,000 units in 2026, underscoring Thailand's steadily rising EV penetration rate, which in turn, further drive the demand for corresponding charging infrastructure.

Seeing the vast market opportunities in ASEAN, Cornerstone Technologies Holdings Limited's joint venture, Spark EV Company Limited ("Spark EV") has entered into a memorandum of understanding with China Southern Power Grid Lancang-Mekong International Co., Ltd ("CSG-LMI") on March 25. The two parties will jointly advance Spark EV's expansion in the Thailand market, aiming to install more than 1,000 charging stations nationwide to strengthen its competitive edge and enhance network efficiency.

As a leading charging service provider, Cornerstone Technologies has established a comprehensive business presence in Hong Kong, covering private residential charging subscription services (Cornerstone HOME) and public charging networks (Cornerstone GO). The former provides monthly subscription-based private charging services for residential buildings, with more than 1,200 users currently enrolled; the latter operates Hong Kong's largest and most utilized public EV charging network, already in operation across 120 car parks, totaling over 1,900 charging points with more than 87,000 members.

Beyond the Hong Kong market, Cornerstone Technologies is also actively expanding its overseas business through Spark EV, with overseas revenue projected to increase by nearly 70% by 2025. Spark EV has already gained a significant first-mover advantage in Thailand, having partnered with Bangchak Corporation Public Company Limited ("Bangchak") to operate over 240 charging stations with more than 175,000 members. Bangchak is one of Thailand's two largest energy companies, with 2,214 service stations across the country. Leveraging its nationwide energy retail network and strategic positioning in promoting green energy transformation, Bangchak provides strong support for Spark EV's charging business in Thailand.

Meanwhile, CSG-LMI is a subsidiary of China Southern Power Grid Co., Ltd. ("CSG") As one of China's two largest power grid enterprises, CSG has an annual revenue exceeding RMB800 billion and operates over 100,000 charging stations nationwide. This partnership between Cornerstone Technologies and CSG-LMI is expected to further accelerate its business development in Thailand. CSG-LMI brings unparalleled technical expertise in grid stability and smart grid management. The partnership is expected to provide Spark EV with enhanced technical efficiency in connecting ultra-fast chargers to the local power grid, along with superior operational reliability. Driven by the introduction of the EV 3.5 incentive scheme and the "30@30" target (30% of domestic vehicle production to be zero-emission by 2030), Thailand is expected to become the fastest-growing EV market in Southeast Asia, generating substantial demand for charging infrastructure. Hencd, Spark EV will be well-positioned to further consolidate its market leadership by leveraging a more efficient network and greater cost-effectiveness, thereby attracting more users and increasing overall network utilization.

According to the announcement, following their success in Thailand, the two parties also intend to expand cooperation to other countries within the Lancang-Mekong sub-region, particularly those with higher EV penetration rates and strong growth potential in charging infrastructure. These include Malaysia, Indonesia, Cambodia, Laos PDR, Myanmar, and Vietnam. As a result, the synergies between the two parties are expected to continue to unfold, injecting new momentum into the electric vehicle industry across Southeast Asia.

With the steadily expanding scale of its charging business, Cornerstone Technologies is well-positioned to generate stable revenue and recurring cash flow from charging fees. Given the relatively high gross profit margin of the charging business, the Company's revenue mix is expected to improve significantly, driving overall profitability and breakeven performance. This strategic partnership not only supports the wider adoption of EVs in the region but also provides Cornerstone Technologies with a solid foundation to enhance profitability and establish long-term growth drivers. Looking ahead, the collaboration is expected to become an important milestone in advancing regional energy transition and green mobility development, opening up a new chapter for the EV landscape in Southeast Asia.

31/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.

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